The oil market extended the recent losses last week. North Sea Dated crude’s weekly average fell by US$1.48/bbl to US$61.62/bbl in the week to 9 April - an eight-week low. Following a sharp decline at the start of the week, prices remained within the wide range set by Monday’s price action. The early week decline was widely seen to be a delayed response to the broadly unexpected increase in OPEC+ production, following their meeting at the end of the previous week. Crude balances are expected to tighten in the coming months, despite the production increases, but current global supply exceeds the refinery demand, pressuring the prompt physical crude prices. The weaker US dollar and positive US economic data limited the weekly fall in prices. Our global composite refining margin rose US$1.22/bbl to US$4.19/bbl, the highest weekly average since April 2020. Gasoline cracks led the weekly increase, boosting FCC margins, as values rose in every region.